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Local News
Energy Minister Defends NGC Chairman Amid $1.3B Loss
Enery Minster Stuart Young has defended National Gas Company (NGC) chairman Dr Joseph Ishmael Khan following the $1.3 billion loss recorded by the company last year, reminding the nation that the current predicament stems from transactions brokered under the former People’s Partnership administration.
LIAT20 Begins Service To Trinidad
Antigua-based airline LIAT20 began a scheduled service to Trinidad yesterday. LIAT20’s 5N-BUV, an Embraer ERJ-145 operating as 5L365, touched down at Piarco International Airport yesterday with 15 passengers on board from Antigua.
NEL Reports Net Losses Of $348.7 Million
For the financial year ended September 30, 2024, National Enterprises Limited (NEL) reported a net loss of $348.7 Million, reflecting a 23% improvement over the prior year’s net loss of $455.1 Million. This $106.4 million variance underscores our ongoing efforts to navigate challenging market conditions.
Perenco Closes Acquisition Deal With bpTT
Perenco T&T Ltd has completed the acquisition of the Cashima, Amherstia, Flamboyant & Immortelle offshore gas fields and associated production facilities, as well as the undeveloped resources from the Parang field (CAFI asset), from bpTT.
Government To Withdraw Pension Bill
Less than a day after Social Development Minister Donna Cox defended proposed legislation that would impact the elderly’s access to the Senior Citizens’ Pension Grant, Attorney General Reginald Armour is now saying the controversial amendment that would have seen people with savings of over $25,000 become ineligible for old-age pension, was included in error.
CSO: Inflation Rises Slightly
The rate of inflation in Trinidad and Tobago has risen slightly, the Central Statistical Office has said. The rate for November 2024, which measured the percentage change in the All Items Index for the month of November 2024 over November 2023, was 0.5%. ‘This represents an increase from the previous period (October 2024/October 2023) from 0.2%. The inflation rate for the comparative period (November 2023/November 2022) was 1.1%,’ the CSO stated in a release yesterday.
Scotiabank T&T To Close Two More Branches
Scotiabank Trinidad and Tobago will close its San Juan and Cunupia branches in February, bringing the total number of branch and service centre closures to five within four years.
Brechin Castle Solar Park
Work on the Brechin Castle Solar Farm is ‘progressing nicely’ after being temporarily halted earlier this year because of gunmen, chairman of the National Gas Company (NGC) Dr Joseph Ishmael Khan has said. The solar farm is expected to be completed by August next year, Khan confirmed during a news conference at The BRIX, Cascade, last Thursday.
Christle Ltd Praised For Earning Forex For T&T
Minister of Trade and Industry Paula Gopee-Scoon has commended Christle Ltd for playing its part in earning foreign exchange through exports. Christle Ltd, a manufacturer of household and industrial items, is experiencing increasing demand for its products. The company, which has entered into 11 markets in the span of two years, recently copped the Trinidad and Tobago Manufacturers’ Association (TTMA) 2023 Manufacturer of the Year (Small) award and the Most Successful Market Entrant (Small) award.
Regional News
Jamaica: Port Authority addressing congestion challenges at Kingston port
Port Authority of Jamaica [PAJ] says disruptions in mainliner service schedules caused by geopolitical tensions, conflicts along major shipping routes, and adverse weather conditions, have led to increased congestion at the port in Kingston.
Guyana, Other Caribbean Nations To Benefit From New Canadian ‘Skills Fund’
Canada is strengthening its partnership with the Caribbean Community (CARICOM) nations to address the region’s development challenges through education and workforce training. On Thursday, Ahmed Hussen, Canada’s Minister of International Development announced that the country will contribute up to CAD$3 million to establish the Caribbean Future Skills Fund.
B’Dos: IMF Support Fuels Concern On Borrowing Practices
Growing debt and the implications for future generations have sparked warnings from top economists, who urged a national conversation on the terms and consequences of the nation’s borrowing. With the government securing new funding, calls for transparency and a more cautious approach to debt management are growing louder.
Guyana, Brazil Explore Strengthening Bilateral Co-Operation
Minister of Health, Dr. Frank Anthony, accompanied by Chief Medical Officer Dr. Narine Singh, Director General Dr. Vishwa Mahadeo, and Director of Family and Primary Health Services Dr. Ertenisa Hamilton, engaged in a high-level meeting on Wednesday with a Brazilian delegation led by Ambassador Luiza Lopes da Silva, Deputy Director of the Brazilian Agency of Cooperation (ABC).
CAL’s Kingston To Fort Lauderdale Route Is Back
Caribbean Airlines has launched its Kingston, Jamaica to Fort Lauderdale, Florida route. The inaugural flight took off on December 17, offering travellers the convenience of three weekly services, the airline said in a statement yesterday. In early 2025, the flight frequency is expected to increase following regulatory approval, it added.
Barbados Secures $100M IMF Boost Amid ‘Robust Growth’
Barbados has secured a fresh injection of US$56 million ($112 million) from the International Monetary Fund (IMF) after exceeding expectations in its fourth programme review, signalling strong economic growth and impressive strides in climate resilience initiatives.
EC$2.7M Reduction In Remittances For 2023
Data comparison has shown a reduction of EC$2.7 million in money remitted to Grenada through money service businesses in 2023, compared to 2022.
BOJ Urged To Ease Rates Further
Consumer prices rose at their slowest annual pace in almost three-and-a-half years in November, paving the way for the Bank of Jamaica (BOJ) to implement its fourth straight rate cut to help reinvigorate the sluggish economy.
Guyana: US Confirms Exim Bank’s Loan Approval For Gas-To-Energy Project
United States (US) Assistant Secretary of State for Western Hemisphere Affairs, Brian Nichols has confirmed that Guyana has secured preliminary approval for a US$500 million loan from the US Export-Import Bank to fund its Gas-to-Energy project at Wales, West Bank Demerara.
International News
Foxconn Interest In Nissan On Hold Amid Honda Merger Talks
Taiwan’s Foxconn is pausing its interest in Nissan Motor as the Japanese automaker explores a potential merger with Honda Motor, Bloomberg News reported on Friday, citing people familiar with the matter.
EU Approves Nvidia’s Acquisition Of Run:ai
The European Commission said on Friday it has approved unconditionally Nvidia’s (NVDA) $700 million bid for Run:ai. The EU’s probe into the deal focused on practices that could strengthen Nvidia’s control over GPUs, sought-after chips that divide and process computer tasks, but it concluded that the acquisition of Run:ai would not raise competition concerns.
US Stocks To Extend Losses As Volatility Surges
US stocks were set to deepen this week’s losses as traders grappled with an increasingly softening outlook for interest-rate cuts and the threat of an American government shutdown.
Micron Set For Biggest Drop Since 2020 On Sluggish Sales Outlook
Micron Technology Inc. (MU), the largest US maker of computer-memory chips, is set for its biggest share decline in more than four years after its revenue forecast missed projections, hurt by sluggish demand for smartphones and personal computers.
Accenture Beats Quarterly Revenue Estimates
IT service provider Accenture (ACN) beat Wall Street estimates for first-quarter revenue on Thursday, on the back of growing demand for its services to help clients adopt AI-powered tools.
Arm, Qualcomm To Make Closing Cases
Lawyers for Arm Holdings and Qualcomm are set to make closing arguments on Friday in a case that could upend Qualcomm’s push into the PC market with a chip meant to rival Apple and Intel on speed.
US Stocks Poised To Bounce Back After Fed Jolt
US stocks are set for a partial recovery on Thursday, suggesting the selloff after the Federal Reserve’s hawkish pivot was overdone. The yen slid as the Bank of Japan left borrowing costs unchanged.
UniCredit Lifts Commerzbank Stake As Orcel Keeps Up Pursuit
UniCredit SpA increased its holding in Commerzbank AG to about 28% as Chief Executive Officer Andrea Orcel continues to pursue the lender ahead of German federal elections that may influence his chances of success.
Tips, Tricks & Reports
How Long Does It Take To See Results From Rowing?
Rowing is a calorie-burning cardio workout that can quickly strengthen your entire body. Rowing machine before-and-after photos often show improvement in many muscle groups. But rowing is particularly beneficial for your back, shoulders, abs and arms.
How Small Businesses Can Leverage AI Without Breaking The Bank
Artificial intelligence (AI) is no longer an exclusive tool for large corporations; small businesses can now harness its power to enhance operations, improve customer experiences and drive growth without significant financial investment. By adopting cost-effective AI strategies, small businesses can streamline processes, maximize resources and remain competitive in today’s market.
Scale Your Business And Your Culture
Workplace culture is at a crossroads. Companies are grappling with the dual challenge of sustaining growth while supporting their employees amid rising concerns over burnout and mental health — what some have dubbed “The Great Exhaustion.”
Why Prioritizing Connections Will Be The Superpower That Drives Your Success
If you could wish for any superpower for your company, what would it be? You might first think of a strong leadership team, a leading technology or product, or, of course, endless profit. All of these factors are important, but what about your organization’s employees and culture?
5 Hard Truths About Entrepreneurship
Entrepreneurship is often glamorized as a thrilling, independent journey where success is just a great idea away. However, the reality is much more complex and demanding. Many aspiring entrepreneurs start their journey without understanding the harsh truths that await them. These are not the lessons you typically hear in business school, but they are essential for anyone looking to build a successful business.
Earnings News: November 2024
How To Eat 100 Grams Of Protein A Day
Whether you’re looking to load up more plates on the bench press, pressing for a faster 5K or just aiming to be able to get up and down from the sofa as you age, protein is essential to your goals.
Why Your Business Should Simplify And Consolidate Its Tech Stack
As businesses expand their tech stacks, the mounting complexity that comes with it becomes more of a hindrance than a help. Tools meant to enhance productivity are often overwhelming, with the average company juggling more than 300 SaaS applications. A bloated tech stack doesn’t mean efficiency — it often signals wasted resources and reduced productivity. This sprawl of tools adds hidden costs, overlapping functionalities and a lack of integration, ultimately hindering the ability to thrive in a competitive market.
4 Bold Leadership Moves Every Successful CEO Uses To Navigate Change
In my own journey, I know firsthand how leadership and being an entrepreneur can sometimes feel like navigating through stormy seas, especially when I left my corporate career without a clear plan. The landscape was constantly shifting around me, and it was easy to feel overwhelmed by the unknown.